News and Events

Attend Spectrum’s Annual Meeting and Help The Community All Spectrum members are invited to attend Spectrum Federal Credit Union’s Annual Meeting on Wednesday, March 24th. Hear from Spetrum CEO Lynn Athens and Board Chair Shirley Krohn, learn about Spectrum’s strategies for thriving in tough economic times, and join us in our support of community organizations: bring a pair of eyeglasses for the “Lions Recycle For Sight” Program, and donate an old cell phone for the “Cell Phones For Soldiers” Program. Date: Wednesday, March 24th. Time: 12:00 noon-1:00 pm Spectrum Federal Credit Union 315 Montgomery St ( @Pine ) 2nd Floor San Francisco, 94104 RSVP by March 17th to Tony Bayudan: (415)701-3504 or email: bayudan@spectrumfcu.org The Oakland Location of Spectrum Federal Credit Union Will Be Closing. The Oakland location of Spectrum Federal Credit Union has closed. There are many nearby options for conducting your Spectrum transactions: The kiosk in the Provident lobby, where the branch is currently located, is a shared branch machine that will accept most of your Spectrum transactions, including balance inquiries, deposits and withdrawls, transfers, and loan payments, during normal business hours. Patelco Credit Union, 1300 Fairmont Drive (@ Hesperian), offers shared branch transactions, with in-person teller assistance during normal business hours. Many 7-Eleven locations have 24-hour ATMs with shared branch kiosks, including: 2301 Lincoln Avenue (@ Oak Street), in Alameda. 1126 Davis Street (@ Preda Street), in San Leandro. Spectrum's San Francisco branch office is available to service your needs: 50 Beale St (@ Mission) Ph#: (415)777-3960 Payments and correspondence may be mailed to: Spectrum Federal Credit Union P.O. Box 193919 San Francisco, CA 94119-3919 Please call with any questions: (800)782-8782 Spectrum Helps Launch Payday Plus San Francisco Spectrum is proud to be one of the key credit union supporters of San Francisco's "Payday Plus SF" program: an alternative to payday lenders. For many people with low or no credit scores, payday loans offer the only means of dealing with a financial emergency, but the traditional payday lender can charge interest as high as 400% APR, and quickly trap their borrowers in a cycle of debt: the average payday lender customer pays a total of $800 to borrow $300. Spectrum has teamed with San Francisco mayor Gavin Newsom and other credit unions to develop the Payday Plus SF program: an alternative small dollar loan with a maximum interest rate of 18% APR. You can learn more about Payday Plus SF, and how it can set an example to be followed in other cities, at CUNA News Now. You can also go here to read Mayor Newsom's article, and to see video of the launch of Payday Plus SF: look for Spectrum San Francisco branch manager Ricky Tolbert in the group! Spectrum and CCUL Want to Help You Thrive! Helping You Thrive is the California Credit Union League's website that brings together a wealth of information and education about financial matters, and they invite Spectrum members to take advantage of this great FREE resource. Whether you're interested in the Seven Success Principles for raising Money-Smart Kids, planning for retirement, managing credit cards wisely, protecting yourself from Identity Theft, or any of dozens of other topics, CCUL's Helping You Thrive site has the answers you need. Visit today! Spectrum Member Wins Video Contest Congratulations to Spectrum member Dorothy James: her testimonial video was voted first place in the Real Solutions video contest. She and Ricky Tolbert, manager of Spectrum's San Francisco branch, along with Spectrum CEO Lynn Athents, were honored at February's Government Affairs Conference in Washington, D.C. Watch for more details in our upcoming newsletter. Visit the Real Solutions website to read about the exciting finish of the contest. Well done to Dorothy and Ricky, and thanks to all those who voted! Unlawful Internet Gambling Enforcement Act (UIGEA) Per the Unlawful Internet Gambling Enforcement Act (UIGEA), individual and business members are prohibited from transacting unlawful Internet gambling activities through their accounts at Spectrum Federal Credit Union.   Multi-Factor Authentication (MFA) protects your Spectrum account. If you haven't yet set up Multi-Factor Authentication (MFA) for your Spectrum account, go ahead and do so today. It's Spectrum's best security for your online account. Multi-Factor Authentication is the latest, government-mandated, method for protecting your Spectrum account. Rather than simply logging on with a password, MFA provides additional identity protections, including a unique Security Image, assuring members that they are always at Spectrum's secure site, and not the victim of identity theft or hijacking. If you haven't set up Multi-Factor Authentication on your Spectrum account, do it today: it's quick and easy. Just click here, and follow the directions. Questions? Call us at (800)782-8782. Check out the newly-remodeled CU Service Centers website. The CU Service Centers website, at CUSWIRL.com has always been your best reference to find a shared branch or kiosk of a credit union that will allow you to transact business just as though you were at a Spectrum branch. Now, though, the site’s been upgraded with such features as e-mail alerts, GPS downloads with integrated maps and driving directions, the ability to find a nearby shared branch on your mobile phone, and more. Whether it’s traditional branches, self-service kiosks, or the 2,200 7-Eleven® stores, CUSWIRL.com provides Spectrum members with the ability to search all of the over 6,000 CU Service Centers locations in the network. Try out the improved CUSWIRL.com today! Spectrum is keeping up with today's social networking, and making it easier for you to keep up with us! The Spectrum Facebook page will help you to keep up with our latest promotions, special offers, news and events. Become a Facebook fan of Spectrum today. You can search Facebook for Spectrum Federal Credit Union, or if you're already a Facebook member, find us here: Spectrum FCU On Facebook. And when you need just a quick update, it's time to tweet! That's right: Spectrum FCU can now be found on Twitter. Start following us today! Recent Fee Changes  In these times of rising prices, Spectrum is doing everything we can to make doing business with us easy and affordable, while ensuring that we can maintain the level of service you have come to expect from us. In order to help cover some of those rising costs, we've had to raise two fees: The VISA ISA (Foreign Currency Transaction) fee is increasing from 1% to 2% for VISA and Debit Cards. We are also introducing a fee of 1% of the transaction amount on cash advances with the Spectrum VISA Credit Card (only). Both of these fees are in effect as of May 11th, 2009. If you have questions about either of these, please call us at (800)782-8782. Spectrum Branch Relocation Spectrum's branch location in the Frederick, Maryland, Bechtel campus has relocated, to building BP5. Please note that this branch office is still open to badged Bechtel employees only.  Note also that the branch will now be closed every day from 1:00-2:00 pm for lunch. Our other Frederick branch, in the Westridge Shopping Center, at 1041A West Patrick Street, remains open and available to all Spectrum members. Please call with any questions: (240)215-3250. Beware a new mobile phone scam Recently, some Spectrum members have received telephone text messages indicating that "your card has been deactivated," and giving them a number to call to "reactivate" the card. These messages are NOT from Spectrum, and under no circumstances should you respond to them. Should you feel you have been victimized by such a scam, contact your local police department immediately. In addition, a number of VISA and MasterCard cardholders are reporting telephone scams where fraudsters are portraying themselves as calling from the security department at VISA or MasterCard. Here is how it works: The fraudsters state, "I am calling from the Security and Fraud Department at VISA/MasterCard. My badge number is 12345. Your card has been flagged for an unusual purchase pattern and I'm calling to verify your transactions. This would be on your VISA/MasterCard issued by (name of financial institution). Did you purchase an Anti-Telemarketing Device for $497.99 from a marketing company based in Arizona?" When the cardholder indicates no, the fraudster states that they will then issue a credit to the cardholder's account. The fraudster then verifies the cardholder address by giving the address to the cardholder. They also go as far as giving them a case number to refer back to when calling VISA/MasterCard. However, at the end of the call, the fraudster indicates they need to verify the cardholder is in possession of their card and asks for the security code on the back.    Within minutes, charges start to appear from a marketing firm in Arizona.   Please be on the lookout for this scam! The calls closely resemble legitimate calls made in true fraud detection efforts. The big difference is that your card issuer will never ask for the security code on the back of the card. If you should fall victim to this scam, please contact your card company immediately and report the incident to your local police department. If you ever have questions about the security of your Spectrum Visa card, please call us at (800)782-8782.   Your Deposit Insurance Has Increased (A message from Lynn Athens, President/CEO of Spectrum FCU)  We understand that the recent economic news may cause questions regarding your own accounts and I want to assure you that your deposits at Spectrum are safe and insured. In fact, recent government action has actually increased the deposit insurance for Spectrum members to a total of $500,000 per account. As a result of the Emergency Economic Stabilization Act, Spectrum cumulative balances of share/checking/club and share certificate accounts are now insured up to $250,000, by the National Credit Union Administration, backed by the full faith and credit of the United States government, which guarantees this additional amount through 12/31/09, at which time the insurance may revert to its previous amount of $100,000 per account. But that's not all: Spectrum also provides deposit insurance through American Share Insurance (ASI) of up to $250,000, in addition to the $250,000 provided by the NCUA, bringing the insured amount to a total of $500,000. And ASI coverage of $250,000 will remain in place, even if the government's coverage is reduced back to its original level of $100,000. You can learn more about your deposit insurance coverage here. Here are some important facts to remember about your share insurance provided by the NCUSIF: Not one penny of insured savings has ever been lost by a member of a federally insured credit union. As a member of a federally insured credit union, you do not pay directly for your share insurance protection. Your credit union places a deposit into the NCUSIF and pays an insurance assessment based on the total amount of insured shares and deposits in the credit union. Federally insured credit unions are required to deposit and maintain one percent of their insured shares and deposits in the NCUSIF. Share accounts in federally insured credit unions are insured up to the Standard Maximum Share Insurance Amount (SMSIA), $250,000 as of October 3, 2008. The Emergency Economic Stabilization Act of 2008 increased the insurance coverage on all accounts up to $250,000 until December 31, 2009. You may obtain additional separate coverage on multiple accounts, but only if you have different ownership interests or rights in different types of accounts and you properly complete account forms and applications. For example, if you have a regular share account and an Individual Retirement Account (IRA) at the same credit union, the regular share account is insured up to $250,000 and the IRA is separately insured up to $250,000. However, if you have a regular share account, a share certificate, and a share draft account, all in your own name, you will not have additional coverage. Those accounts will be added together and insured up to $250,000 as your individual account. Additionally, shares denominated in foreign currencies are insured as outlined in NCUA Rules and Regulations. Coverdell Education Saving Accounts, formerly education IRAs, are insured as irrevocable trust accounts and will be added to a member´s other irrevocable trust accounts and insured up to the SMSIA. Roth IRAs will be added together with traditional IRAs and insured up to $250,000. You can structure your accounts so that you receive additional insurance with joint owners, trust accounts etc. You can learn more about NCUA/NCUSIF insurance, including a useful Share Insurance Estimator, by visiting www.ncua.gov. IRA certificates are separately insured from your other Spectrum accounts - up to $250,000 - by the National Credit Union Administration, a government agency. And with the additional insurance of $250,000 by ASI, your IRAs are insured to a total of $500,000. Established by Congress in 1970 to insure member share accounts at federally insured credit unions, the NCUSIF is the strongest deposit insurance available, backed by the full faith and credit of the United States Government. Not a single penny of insured savings has ever been lost by a member of a federally insured credit union. For your information, the following is a link to a statement from the NCUA Chairman that discusses the stability of the National Credit Union Share Insurance Fund. http://www.ncua.gov/news/press_releases/2008/MR08-0714.htm In addition, the National Credit Union Administration has just opened a call center, and prepared an electronic tool kit, to help members and credit unions better understand the insurance protection NCUA provides for member accounts. The NCUA Insurance Call Center, operating from 8 a.m. to 6:30 p.m. (EDT/EST) Monday through Friday, has insurance experts available to answer questions about the coverage provided by NCUA share insurance. The toll-free Insurance Call Center number is (800)755-1030, extension 1. The NCUA electronic tool kit, online at http://www.ncua.gov/ShareInsurance/Index.htm, contains a variety of useful information on share insurance coverage to use and disseminate, including:   Insurance Estimator enables calculating an estimate of share insurance coverage Your Insured Funds brochure details insurance coverage, with many examples How Your Accounts Are Federally Insured brochure provides basic insurance information Special Bulletin explains increased retirement account coverage in addition to basic insurance protection Remember, if you ever have questions about any aspect of your Spectrum account, call us at (800)782-8782.   Attention Archway/Mother’s Employees: Former employees of Archway/Mother’s Cookies, if you have financial concerns due to Archway and Mother's going out of business, give Spectrum a call: we're here to help you. These are tough economic times for everyone, and being out of work brings financial hardship even in the best of times. Contact us and let us know your issues or requests about your accounts or loans. Call us at (800)782-8782 or e-mail at members@spectrumfcu.org Get Involved With Credit Unions: Vote! Spectrum reminds you to vote this year, and to register to vote if you haven't yet done so. To keep you informed about important issues affecting credit unions, be sure to sign up for Connect for the Cause. Connect for the Cause (CFTC) is a new advocacy tool for all credit union members and consumers who wish to support credit unions. CFTC allows credit union supporters to communicate quickly and easily with your Member of Congress or State Legislator on pending issues, legislation and industry regulations impacting credit unions. In the current economic climate, it's more important than ever that our legislators get the message about the importance of credit unions. Without competition from credit unions, banks and other financial institutions could charge higher fees, pay lower interest on savings and increase loan rates. By providing healthy competition in the marketplace, credit unions encourage other financial institutions to work harder to keep their customers satisfied. All consumers benefit from credit unions. To register to vote, and sign up for Connect for the Cause, click here. MoneyMix™: Waste Not If You Want A Lot Youth may be wasted on the young, but no matter how old you are, no one likes to waste money. To help adults ages 18-30 manage their money effectively, we’d like to introduce MoneyMix™: Launch Your Life. This online guide to money management is an essential tool for young adults. Filled with tools and info geared specifically for people your age, MoneyMix is an ideal guide for building a solid financial future. The informative articles, videos and blogs will help you establish budgetary goals and show you how to save for big purchases and retirement. Building solid financial habits can’t wait for tomorrow. Visit MoneyMix and see how today’s young adults are learning how to financially prepare for tomorrow. Check it out and let us know what you think! Online Protection is not enough: Spectrum now offers Identity Fraud Protection and Recovery services! A recent study by the Center for Identity Management and Information Protection indicates that fewer than one-fifth of all identity theft involves online fraud. In addition, less than one-third of identity theft cases involve "inside" information from dishonest retail or service employees. In other words, it's not enough to be careful about giving out your credit card number: fraud and identity theft can, and do, happen anywhere, anytime, and you need a comprehensive program that warns of dangers, and that can assist with recovery if you become a victim of identity fraud. At Spectrum, we understand the importance of protecting our members' financial information, and the dangers of identity theft, which is why we have so many electronic and online safeguards in place. In addition, we have partnered with Identity Fraud Inc., to make comprehensive fraud protection and recovery services available to our members. Identity Fraud, Inc., offers their Core Identity Protection, providing essential resources, no matter what type of identity fraud you may suffer, whether simple or complex. With millions of victims each year, it's vital to have a plan in place to protect your most valuable asset: your identity. Identity Fraud, Inc., offers not only such pro-active benefits as Loss Prevention Guides and Credit Bureau Monitoring, they're also experts in the field, who can advise members on everything from maintaining safe practices to dealing with police in reporting identity crimes. In addition, Identity Fraud, Inc., can offer up to $25,000 per year in Identity Insurance, money that can be used for legal fees, expenses, lost wages, travel, and other expenses that a member might incur in recovering from being victimized. For information about Identity Fraud, Inc., and the products and services they can offer to Spectrum members, visit their website: Identity Fraud, Inc. And remember, if you have questions about your Spectrum account or statements, or ever have reason to suspect fraud, call us at (800)782-8782. How You Use Spectrum Depends On Your Life Stage: Use Spectrum Services Wisely! From childhood through retirement, wise use of the proper credit union services can help you build your credit, use financing wisely and help you achieve your monetary goals whether it includes buying a new car, financing a college education or retiring comfortably and successfully. At Spectrum, we understand the importance of participating in a youth savings club when you are under 12, growing into a My Life Account member - and later a Global Account member up to the age of 25. As your life needs change, Spectrum is there to help you when you aare starting your career and beginning to build your family, throughout the 'asset wealth accumulating stage' and into retirement. We at Spectrum have put together a simple guide (pdf format) entitled 'Spectrum's Products/Services Per Life Stage' which can help guide you through helpful products and services throughout your life.. Click on the link, download and print out the one page pdf and contact us if you have questions as to which product or service you may need. We are here to help you. And remember, if you have questions about your Spectrum account or statements, call us at (800)782-8782.    Is It Time For You To 'Go Spectrum Green'? The Nobel Peace prize that was awarded in 2007 was given to Al Gore and the United Nation's Intergovernmental Panel on Climate Change for their efforts in bringing to light the effects of global climate change as the greatest test we've ever faced as a challenge to humanity. Remember 'Earth Day'? It was a special event day which sprang directly out of the ecology movement of the late '60's.  The first Earth Day was proclaimed in San Francisco by Mayor Joseph Alioto on March 21, 1970 as a day set aside to celebrate 'our beautiful Spaceship Earth'. That day was an important step in promoting the education of how our ecological efforts could help sustain healthy life on this planet. Al Gore's efforts in this area build upon our growing knowledge of 'carbon footprints' and greenhouse gases and how we live affects the atmosphere and quality and sustainability of life. So let's put our thinking caps on. What can we do individually to make changes, to find ways to reduce, reuse and/or recycle and extend our resources? If we found ways to do these three items, we could do our part to reduce greenhouse gas emissions and aid our ailing planet, providing and promoting a healthy environment for ourselves in the process. What To Do: Use Spectrum 'Green' 'Sustain our resources by using sustainable resources' is a mantra we can all memorize to live a greener, more environmentally conscious life. One thing is reduce the amount of paper you normally use. Spectrum FCU members can sign up for paperless statements or e-statements. You'll reduce paper usage and increase your protection against identity theft and fraud (no papers in the trash with your personal account numbers on them). To sign up for e-statements, go to this link And signing up for Direct Deposit not only saves paper but also your valuable time. In fact if you use PAL (Personal Account Link), Spectrum's on-line banking service AND Direct Deposit, you'd be saving more of your time AND using less paper! Another way to 'go green' at Spectrum is to use less gasoline when driving and the way to do this is to take advantage of our Hybrid Auto Loan (which features a 1.00% Annual Percentage Rate discount off your qualifying rate). Click here for details. Choosing to go green begins with an awareness of what the issues are and secondarily, what we, as individuals, can do to help. You don't have to change your entire lifestyle to have an impact. Small, simple changes can add up and together, we can all contribute to helping our planet and ourselves now and into the future. More Info The definition of Carbon Footprint is "a measure of the impact human activities have on the environment in terms of the amount of green house gases produced, as measured in units of carbon dioxide released into the atmosphere" affecting global warming. Changing your activities can have the effect of offsetting and reducing your Carbon Footprint.  Contributing to the concepts of reducing consumption, reusing or repurposing consumer products, and recycling support the reduction of one's Carbon Footprint. For a fun personal emissions calculator to determine how your daily activities cause greenhouse gases, here's a link from the Environmental Protection Agency (EPA). What Else Can I Do? Here's a list of activities you can do in your daily life to support a healthier planet for us all: Use a 'green' energy supplier - think wind-powered or solar Check with your energy supplier for any 'green'-related rebates for using energy efficient appliances, etc. Shop once a week instead of going every day to reduce the amount of gasoline you use going to and from the store If you can, walk or run around your neighborhood instead of driving to the health club just to use the electronic treadmill Defrost your refrigerator if you don't have a frostless one. It's a less energy efficient use of the freezer if it needs defrosting due to ice buildup. Use energy efficient appliances and light bulbs Use both sides of paper when printing from your computer or making copies Turn your computer monitor off and speakers off when not in use Use commuter re-imbursement program if your company offers one Turn your household heat down by several degrees when you are not home Turn lights off or install motion detectors on your lights so they automatically turn off when not needed Unplug rechargers when not in use Green Up your meals by buying local, eating seasonal, and eat organic and less red meat. You'll be maximizing your personal health and helping the local economy as well. Grow herbs in your backyard or even your own vegetable garden. You'll be eating your own organic food and helping supply the earth with more plants. Put thermostatic valves on showers and radiators to provide reliable, automatic control of fluid temperatures eliminating the need to adjust water to compensate for fluctuations Turn off the water when soaping up in the shower; on again to rinse Use the concept of 'selective flushing' in the bathroom Insulate windows, walls and especially your garage door which is the biggest area in the whole house for heat loss; and weatherstrip doors Recycle gray water (water your plants with it) Compost organic waste Encourage 'greening up' your neighborhood by getting involved with planting neighborhood gardens and tree reforesting efforts Use a barter or trading system for goods or services when you are able. Reducing the use of printed money can help impact the need for using paper to print the money in the first place Buy clothing made of organic cotton, and use alternative, sustainable fabrics such as those made from flax, bamboo, hemp, etc. to reduce using materials heavily treated with pesticides or chemicals Rethink what you are using for in cleaning products. Sometimes we are actually introducing more chemicals into our household having the reverse effect on cleaning our home environment, particularly for family members susceptible to asthma, allergies or rashes.  Use allergen free or natural, organic alternatives When shopping for furniture, watch out for those which release gasses. Remember that 'new car' or 'new furniture' smell? You are noticing gasses which are being emitted from using furniture treated with VOCs or Volatile Organic Compounds - smelly, toxic chemicals -  when produced. Shop for furniture which uses recycled/reclaimed or sustainable materials. Look for furniture which is easily repaired to prolong their use. Look for furniture with a Greenguard Certification to help promote offgassing in the home Buy vintage clothes and furniture. The resources that were used to make these items in the first place were from long ago. You will not be using today's resources if you use these items instead of new ones Okay, so what do you do when you are 'over it' that is to say, done with your well-loved piece of furniture or clothing or other item? If you are crafty, a coat of paint can repurpose an unused table to make it more attractive as a child's play item or can make it easier to sell on eBay, craigslist, the company newsletter or bulletin board, your blog, or the local community message center. You may also donate items to a thrift store or salvage center Spectrum helps you Live Green by eliminating the use of paper notices for certain transactions. Members will receive e-mail instead of paper letters for all overdraft and returned check notices. Please make sure we have your correct e-mail address on file. If you need to update it, email members@spectrumfcu.org, or call us at (800)782-8782.    New Scam Uses Phones Instead Of Fake Websites: Beware of "Vishing" Spectrum members are aware of the dangers of "phishing," where criminals try to lure you with fraudulent emails and even fake web pages that appear to be from your financial institution, and get you to input sensitive financial data which they then steal for their own use. Now, there's another hazard to be aware of: "vishing" (or "voice phishing"). Vishing takes "phishing" a step further: this time, criminals will contact the unsuspecting consumer by telephone, impersonating their financial institution, and asking them (usually via a recorded message) to dial a number and enter their financial information, which is once more hijacked by the criminals. "Vishing" is successful due to the use of Voice over IP, which allows criminals to spoof caller ID systems, and makes it difficult or impossible to trace them via phone records. To protect themselves, consumers are advised to be highly suspicious when receiving messages directing them to call and provide credit card or bank numbers, or other personal information. Rather than provide any information, the consumer is advised to contact their financial institution directly to verify the validity of the message. Remember, your financial institution doesn't need you to provide them any card numbers, or bank account numbers: they have that information. The only verification they will ever ask for over the phone is the last four digits of your social security number, or a pre-arranged password. Anything beyond that is grounds for suspicion. Be safe: don't ever click a link or provide personal information to an unsolicited request. Instead, contact your financial institution directly to ask if they have initiated the contact.  Spectrum FCU Does Not Practice High-Risk Lending Spectrum Federal Credit Union members may have read recent articles about San Francisco east bay-based credit union, Cal State 9’s financial difficulties. Cal State 9’s current situation was brought about in part by engaging in high-risk lending. Currently they are continuing with normal operations and assurances are in place to ensure their members’ funds are safe, protected and secure during their difficult period. Please rest assured that Spectrum Federal Credit Union does not and has never engaged in high-risk, non-traditional mortgage lending. Spectrum’s lending policies support principles of safety and sound growth. Should you have any questions, please call our main service office at (800)782-8782.  PAL login now easier and more flexible Spectrum members now have added flexibility and convenience when signing in to their PAL accounts. Use of the online Multi Factor Authentication keyboard is now an OPTIONAL feature of your online security. Members are able to turn this protection on and off as desired. The location of this new option is in PAL: select 'More', select 'MFA', select 'Graphic Keypad,' and use the 'Show/Do Not Show' option.  We are glad we were able to make this change with no system downtime, and trust that this improvement will make your PAL experience more satisfactory. If you would like more information, please call us at (800)782-8782.     Web Resources to Fight Predatory Lending  WASHINGTON (5/8/06)--A consumer website exposes the trappings of high-cost, high-risk payday loans, and its online calculator shows you exactly what it costs to borrow money from a payday lender. Consumer Federation of America (CFA) launched paydayloaninfo.org last week in response to numerous reports over the past several years of excessive finance charges and fees associated with payday loans. Sometimes referred to as cash advance loans, check advance loans, postdated check loans, or deferred deposit check loans, these short-term loans are small cash loans secured by the borrower's personal check, payable in full on the borrower's next payday. Interest rates in excess of 300% are not uncommon. These loans strip limited resources from cash-strapped families, forcing many of them into a cycle of repeat borrowing. According to CFA, a typical payday loan user carries eight loans a year from a single lender. If the fee is $15 per $100 borrowed for two weeks, you'd pay $360 in finance charges just to borrow $300 for sixteen weeks--and the APR is almost 400%. The Payday Loan Info website contains information about how payday loans work, legal status of payday lending for each state, research reports, and how to file a complaint with state regulators. It offers useful tips on coping with cash-flow problems and finding less expensive money, including getting smaller loans from the credit union. Its calculator clears up any question of how much it costs to borrow money from a payday lender. Plug in the loan fee (such as $15 per $100 borrowed), the amount of money you wish to borrow, the loan term--seven days or 14 days, and the number of loans or loan renewals you expect to have in a year from all lenders. You'll get the finance charge, total repayment amount, and annualized interest rate. The Federal Trade Commission suggests the following alternatives to payday loans: Shop around and compare offers. Consider a small loan from the credit union or small loan company, an advance on pay from your employer, or a loan from family or friends. Although a cash advance on a credit card has a higher interest rate than other sources, it's probably less than a payday loan. Ask creditors for more time to pay your bills. Ask if you'll be assessed a late charge, additional finances charges, or a higher interest rate. Make a realistic budget and stick to it. Avoid unnecessary purchases and build savings to avoid borrowing for emergencies. Ask about overdraft protection on your share draft/checking account. Work out a debt repayment plan with creditors. Spectrum members have confidential access to the BALANCE credit counseling service, at http://www.balancepro.net/spectrumfcu/. If you decide you must take out a payday loan, only borrow as much as you can afford to pay in full with your next paycheck and still have enough resources to make it to the next payday.   Spectrum’s James Bridgewater Joins CCUL Board Of Governors Spectrum Federal Credit Union staff member James Bridgewater has been named to the Board of Governors of the California Credit Union League’s San Francisco chapter. Bridgewater will serve as Regional Learning Center Chair, with responsibilities for observing the educational efforts of the Chapter, making policy and operational recommendations to the Board, and guiding the resultant action plans, including the booking of guest speakers, scheduling training sessions and ensuring effective communication between the Board and the Chapter. Bridgewater, 26, joined Spectrum in January of 2007 as a temporary worker in the credit union’s San Francisco-based call center. Shortly thereafter, both he and Spectrum felt that a fulltime position would be a good fit. “I love the environment at Spectrum,” Bridgewater says. “The people here are great.” He has continued to work in the Spectrum call center, as well as becoming involved in Spectrum community activities, including making presentations to young people on careers in the credit union industry. “It was a surprise, and a big responsibility,” Bridgewater says of his election to the Board of Governors. “I’m just jumping into the pool, and it’s going to be a challenge to see how deep the water really is.” Nothing Says Convenience Like 7-11 AND a Handy ATM! Your Spectrum ATM and check/debit cards are more useful and convenient than ever, now that ATM's in more than 5,300 7-11 stores are part of the Credit Union Co-Op Network. There's no need to look for signs or symbols to see if your card works: just pull up to a 7-11 with the confidence that the ATM machine is part of the no-fee Co-Op Network. VPI Pet Insurance: The Best For Your Pet Spectrum knows how much our members' pets mean to them. That's why we provide our members with the opportunity to get VPI Pet Insurance at discounted rates. It works just like health insurance for people, saving you money on prescriptions, vet visits, surgical procedures, and more. A VPI Pet Insurance policy allows you to make optimal healthcare decisions for your pet based on his needs and your veterinarian’s recommendation, rather than on the cost of treatment. The nation’s oldest and largest provider of pet health insurance, VPI has helped protect more than one million pets since 1982. As a Spectrum member, you'll receive an exclusive discount for VPI Pet Insurance. Visit them today!